“Recently, we secured a RM1bil contract from Petronas Carigali Sdn Bhd for the engineering, procurement, construction, installation and commissioning works for the central processing platform at the Bokor Phase 3 Re-Development Project in Sarawak.

“With the new contract, our order book now stands at about RM2bil and we are now looking for jobs in other segments,” she said after the company’s AGM in Kuala Lumpur on Wednesday.

Despite the current tough operating environment, the company would continue to leverage on its capabilities and facilities to ensure safe delivery of projects.

“We have started to focus on diversifying our source of income by venturing into related businesses that leverage on our industrial knowledge and expertise, she added.

Meanwhile, MHB chairman Datuk Nasarudin Md Idris hoped revenue for the 2018 financial year would turnaround as demand for offshore structures were expected to pick-up during the year.

“But, at the moment, given the volatile global economy and oil market, many oil majors and national oil companies were continuing to scale down upstream projects.

“In challenging times like this, we must remain focused on improving efficiency, productivity and cost competitiveness,” he said.

For the financial year ended Dec 31, 2016, MHB recorded a pre-tax loss of RM135.03mil and a lower revenue of RM1.19bil.

This was attributable to reduced contribution from the heavy engineering segment with a net foreign exchange loss compared with gains in the previous year, as well as, the impact from the recognition of higher impairment on assets in the current year.

Nasarudin said the company would continue with its cost optimisation efforts and manpower rationalisation to help cope with the prolonged weak outlook of the oil and gas industry.